Understanding Economics One of the earliest recorded economic thinkers was the 8th-century B.C. Greek farmer/poet Hesiod, who wrote that labor, materials, and time needed to be allocated efficiently to overcome scarcity. But the founding of modern Western economics...
Carl Menger: The Founder of the Austrian School (1840-1921) "All things are subject to the law of cause and effect. This great principle knows no exception." INTRODUCTION Despite the many illustrious forerunners in its six-hundred year prehistory, Carl Menger...
The question is: Should how much money one has make a difference? The post below raises some important points. Do Billionaires Destroy Democracy and Capitalism? The U.S. simply needs to look back at history, to our Gilded Age, to see what can be done to curb...
The Greeks, The Romans, and the Founding Fathers This is important and we need to learn about this more. What America Owes to the Greeks and Romans FIRST PRINCIPLES What America’s Founders Learned From the Greeks and Romans and How That Shaped Our Country By Thomas E....
The Czechs and the Swedes – the tale of two Covid-strategies This is the number of new daily deaths from/with Covid-19 in Sweden and the Czech Republic. Source: Here. The two countries are similar in many ways – the population is just over 10 million in both...
A Timeline of the Coronavirus Pandemic The outbreak of the virus, which began in Wuhan, China, has sickened more than a million people. At least 120,000 people have died. A group of healthcare workers prepare at a testing site in Tampa, Fla. The World Health...
The important Authors we think are important.
Scarcity Productive resources are limited. Therefore, people can not have all the goods and services they want; as a result, they must choose some things and give up others. Students will be able to use this knowledge to: Identify what they gain and what they give up...
Libertarianism Like any school of thought, there is not one thing called "libertarianism." We need to report the beliefs of Libertarianism in terms of the quantity of those that self-identify as Libertarian. Although there is much disagreement about the details,...
History of Economic Thought
What Is Economics? Introduction Economics is a way we can measure our choices. We make all kinds of choices every day. How much should I spend on gas? What’s the best route to work? Where should we go for dinner? Which job or career should I go for? What are the pros...
Microeconomics vs. Macroeconomics: An Overview Economics is divided into two different categories: microeconomics and macroeconomics. Microeconomics is the study of individuals and business decisions, while macroeconomics looks at the behavior of the economy as a...
Adam Smith and The Wealth of Nations
POLITICAL SCIENCE? POLITICAL SCIENCE AS THE STUDY OF POWER Political socialization is defined as the process by which citizens develop the values, attitudes, beliefs, and opinions that enable them to support the political system. The various groups that define our...
The Lessons that support the foundations of Economics
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A Description of Hayek’s view of Individualism and the role of government.